Global Screening Services (GSS), a forefront runner in the RegTech industry, has successfully completed its Series A2 funding round, securing over $47m (£37m).
This considerable financial injection has been contributed by a distinguished group of investors, including the Commonwealth Bank of Australia (CBA), alongside former supporters such as AlixPartners, The Cynosure Group, and MUFG.
GSS stands at the cutting edge of RegTech, pioneering a cloud-native platform that aims to redefine the global standards of regulatory compliance. Born out of an incubation by AlixPartners, GSS leverages innovative technology to enhance compliance processes within financial institutions. This comes at a critical time as these institutions face growing complexities in managing sanctions and navigating the intricate landscape of cross-border payments. GSS’s platform promises to act as a collaborative hub, connecting financial entities and industry partners to streamline and improve the efficiency and accuracy of transaction screening processes.
The recent capital infusion is earmarked for furthering GSS’s ambitious goal of reshaping regulatory compliance across the globe. By fostering collaboration among over 30 global financial institutions through its Advisory Board, GSS aims to establish a common technology framework and set new standards that will boost compliance and processing efficiency across the financial sector.
Tom Scampion, CEO and co-founder of GSS, shared his enthusiasm for the journey ahead, “GSS is uniquely positioned to deliver improved regulatory compliance and an enhanced customer experience. We’re delighted to have closed this funding round and to be working with such incredible partners to take GSS to market.”
Furthermore, CBA’s participation extends beyond financial investment, as it joins GSS’s board as an observer, with John Fogarty representing the bank’s commitment to leveraging GSS’s solutions to combat financial crime and enhance the efficiency of international payments.
Randal Quarles, Chairman and Co-founder of The Cynosure Group, also remarked on the investment, highlighting the progress since their initial backing and the anticipated impact of GSS on the sanctions screening industry. Ancoris Capital Partners played a key role as the financial advisor for this funding round, facilitating the successful closure and promising a brighter future for GSS and its contributions to the RegTech field.
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